Group 1 - Mingyu Asset recently conducted research on a listed company, Aidi Pharmaceutical, focusing on its commercialization strategy for a new class of HIV drugs [1] - Aidi Pharmaceutical has established a marketing approach centered on "medical leadership, market pull, and sales implementation," marking the beginning of its new commercialization journey [1] - The company is developing long-acting series drugs for HIV treatment and has completed pre-toxicology trials for a new molecule [1] Group 2 - Aidi Pharmaceutical has integrated its strategy in the field of human-derived proteins, covering the supply of raw materials, production of active pharmaceutical ingredients, and the manufacturing of urokinase preparations [1] - The company has launched two phases of a restricted stock incentive plan, which will include specific performance assessment indicators based on job contributions and value [1] Group 3 - Mingyu Asset Management, established in September 2009, focuses on secondary market stock investments and has a registered capital of 20 million yuan [2] - The founder of Mingyu Asset, Wang Yicong, has 27 years of experience in the securities industry and is known for strong market timing abilities [2] - The firm has won multiple industry awards, including seven Golden Bull trophies over five consecutive years, highlighting its reputation in the investment community [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Insights - The company reported a steady growth in HIV revenue, with a first-quarter revenue of 198 million yuan in 2025, representing a 113% year-on-year increase, and a net profit of 16 million yuan, marking a turnaround from losses [1][4]. - The company's product, AINOMITE tablets, has advantages in convenience and is expected to continue gaining market share, with first-quarter revenue of 62.72 million yuan in 2025, a 76% increase year-on-year [2][4]. - The company is deeply engaged in the HIV treatment sector, with two key products in development, including the integrase inhibitor ACC017, which is expected to enter Phase III clinical trials this year [3][4]. Financial Performance - The company achieved a revenue of 418 million yuan in 2024, a 1.57% increase year-on-year, but reported a net loss of 141 million yuan, an increase in losses by 85.63% [1][4]. - The projected revenue for 2025 has been revised down from 808 million yuan to 732 million yuan, with expected revenues of 1.022 billion yuan and 1.235 billion yuan for 2026 and 2027, respectively [4][9]. - The forecasted net profit for 2025 and 2026 has been adjusted to -10 million yuan and 37 million yuan, respectively, with an anticipated net profit of 79 million yuan in 2027 [4][9]. Market Position - The company is positioned as a significant player in the HIV treatment market, with its AINOMITE tablets being the first domestic three-in-one single tablet formulation with independent intellectual property rights [2][3]. - The competitive landscape is noted to be intense, which may impact the company's market performance [4].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5][16]. Core Views - The company reported a steady growth in HIV revenue, with a first-quarter revenue of 198 million yuan in 2025, representing a year-on-year increase of 113% [1]. - The company’s HIV product, AINOMITE tablets, has advantages in convenience and is expected to continue to grow in sales in 2025, with first-quarter revenue of 62.72 million yuan, a 76% increase year-on-year [2]. - The company has a deep layout in the HIV drug field, with two key products under development, including the integrase inhibitor ACC017, which is expected to enter Phase III clinical trials this year [3]. Financial Performance - In 2024, the company achieved an operating income of 418 million yuan, a year-on-year increase of 1.57%, while the net profit attributable to the parent company was -141 million yuan, a year-on-year increase in loss of 85.63% [1]. - The expected operating income for 2025 has been revised down from 808 million yuan to 732 million yuan, with projected revenues of 1.022 billion yuan and 1.235 billion yuan for 2026 and 2027, respectively [4]. - The net profit attributable to the parent company for 2025-2026 has been adjusted from 16 million yuan and 84 million yuan to -10 million yuan and 37 million yuan, respectively, with an expected net profit of 79 million yuan in 2027 [4]. Market Position - The company’s AINOMITE tablets are the first domestic three-in-one single-tablet combination with independent intellectual property rights, showing better cardiovascular safety compared to competitors [2]. - The company is positioned in a competitive market for HIV treatments, with ongoing research and development efforts aimed at innovative long-acting drugs [3].

Group 1 - Eddie Pharmaceuticals (688488.SH) reported its Q1 2025 results on April 30, 2025, with 15 institutional investors holding a total of 226 million shares, representing 53.78% of the company's total equity [1] - The top ten institutional investors collectively hold 52.67% of the shares, with a decrease of 1.14 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four funds reduced their holdings compared to the previous quarter, with a total decrease of 0.91% [2] - One new public fund disclosed its holdings during this period, namely Hongtu Innovation Healthcare Stock [2] - A total of 93 public funds did not disclose their holdings this quarter, including several notable funds such as GF Healthcare Stock A and Bank of China Healthcare Mixed A [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a turnaround in Q1 2025, with revenue of 198 million yuan, representing a year-on-year increase of 113% and a quarter-on-quarter increase of 66.37%. The net profit attributable to shareholders was 16 million yuan, up 214.52% year-on-year and 119.41% quarter-on-quarter [5] - The company's HIV new drug sales reached 62 million yuan in Q1 2025, showing positive commercial progress. The new drug's revenue for 2024 was 150 million yuan, reflecting a year-on-year growth of 103.73% [6] - The company is expanding its pipeline with various innovative drugs and has made significant progress in clinical trials, including the ACC017 tablet and AD108 injection [7] Financial Summary - In 2024, the company reported revenue of 418 million yuan (up 1.57% year-on-year) and a net loss of 141 million yuan (down 85.63% year-on-year). The projected revenues for 2025, 2026, and 2027 are 737 million yuan, 1,037 million yuan, and 1,237 million yuan respectively, with expected net profits of -3 million yuan, 21 million yuan, and 77 million yuan [8] - The gross margin for Q1 2025 was 62.04%, an increase of 20 percentage points year-on-year, while the net margin was 12.94%, up 27.59 percentage points year-on-year [5] - The company's earnings per share (EPS) for 2025 is projected to be -0.01 yuan, with subsequent years showing improvements to 0.05 yuan in 2026 and 0.18 yuan in 2027 [8]

证券代码：688488 证券简称：艾迪药业 公告编号：2025-018 江苏艾迪药业股份有限公司 关于公司 2024 年度利润分配预案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 2024 年度利润分配预案为：拟不实施利润分配。 二、2024 年度拟不进行利润分配的情况说明 根据《公司章程》第一百六十条第（三）项的规定，公司拟实施现金分红时应 满足的条件为"公司每个会计年度以现金方式分配的利润不少于当年度实现的可分 配利润（指公司弥补亏损、扣除法定公积金后所余税后利润）的百分之十，最近三 年以现金方式累计分配的利润不少于最近三年实现的年均可分配利润的百分之三 十。"因 2024 年度可分配利润为负值，因此 2024 年度拟不实施现金分红。 根据《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》《公 司章程》等有关规定，鉴于 2024 年度公司实现归属于母公司所有者的净利润为负， 母公司累计未分配利润及合并报表累计未分配利润为负，同时考虑到公司日常经营、 研发投入及创新药商业化等需要 ...

公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP 江苏艾迪药业股份有限公司 审计报告 苏公 W[2025]A750 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http:// gc.mcf.ew.cn】"世界 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http:// 报告编码:苏25%mHDTY | 1、审计报告 . | | --- | | 2、 资产负债表 . | | 3、 利润表 . | | 4、 现金流量表 . | | 5、 所有者权益变动表 | | 6、 财务报表附注 | | 7、 事务所营业执照复印件 | | 8、事务所执业证书复印件 . | | 9、签字注册会计师资质证明复印件 | ■ r 录 公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP | 中国, 江苏, 无锡 | | --- | | 总机:86(510) 68798988 | | 传真:86(510) 68567788 | | ...

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江苏艾迪药业股份有限公司 内部控制审计报告 苏公 W[2025]E1322 号 公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://a 报告编码:.苏25WBB800 目 曼 | 1、内部控制审计报告 . | | --- | | 2、内部控制评价报告 | | 3、事务所营业执照复印件 . | | 4、事务所执业证书复印件 . | | 5、签字注册会计师资质证明复印件 . | 公证天业会计师事务所 (特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP 中国, 江苏, 无锡 总机:86 (510) 68798988 传真:86（510）68567788 电子信箱: mail@gztycpa.cn Wuxi. Jiangsu. China Tel: 86 (510) 68798988 F ...

江苏艾迪药业股份有限公司 2024 年度独立董事述职报告（郭子建） 作为江苏艾迪药业股份有限公司（以下简称"公司"）的独立董事，2024 年 我在任职期间严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《上市公司独立董事管理办法》《上海证券交易所科创板股票上 市规则》等相关法律、法规，以及《公司章程》《独立董事工作制度》等规定， 勤勉、尽责、诚信、独立地履行独立董事的职责，积极参加公司股东大会、董事 会、独立董事专门会议及各专门委员会，充分发挥专业特长，为公司的经营发展 提出合理化建议，促进公司健康持续发展，切实维护了公司以及全体股东特别是 中小股东的合法权益。现将本人 2024 年度履行职责的情况汇报如下： 一、独立董事的基本情况 （一）独立董事人员情况 2024 年，公司共有 7 名董事，其中独立董事 3 名，分别为王广基先生、郭 子建先生、戚啸艳女士，占董事会人数三分之一以上，符合相关法律法规及公司 制度的规定。 （二）本人任职董事会专门委员会的情况 本人在董事会审计委员会、薪酬与考核委员会中担任委员，并在薪酬与考核 委员会中担任召集人。 （三）本人工作履历、专业背景以及兼 ...